Budget 2023 | World admires Indian economy as a ‘bright star', economic growth highest among major economies: FM

Finance Minister Nirmala Sitharam addressed the lower house of the parliament today to present the annual budget before the house. In her speech the FM underlined a vision to build a prosperous and inclusive India. She also recounted the achievement achieved by the Modi government since 2014.

FM Sitharaman also presented a vision for the Amrit Kaal, which seeks to create an empowered and all-inclusive economy. She underlined the priorities of the Budget, which included - inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.

The FM asserted, “ This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100.”

“In the 75th year of our Independence, the world has recognised the Indian economy as a ‘bright star’. Our current year’s economic growth is estimated to be at 7 per cent. It is notable that this is the highest among all the major economies. This is in spite of the massive slowdown globally caused by Covid-19 and a war. The Indian economy is therefore on the right track, and despite a time of challenges, heading towards a bright future,” she said.

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“Today as Indians stand with their heads held high, and the world appreciates India’s achievements and successes, we are sure that elders who had fought for India’s independence, will with joy, bless us our endeavors going forward,” she added further.

She further spoke about India’s presidency of G 20, “In these times of global challenges, the G20 Presidency gives us a unique opportunity to strengthen India’s role in the world economic order. With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an ambitious, people-centric agenda to address global challenges, and to facilitate sustainable economic development,” she articulated.

Speaking on the economic empowerment of women, she said, “Deendayal Antyodaya Yojana National Rural Livelihood Mission has achieved remarkable success by mobilizing rural women into 81 lakh Self Help Groups. We will enable these groups to reach the next stage of economic empowerment through formation of large producer enterprises or collectives with each having several thousand members and managed professionally. They will be helped with supply of raw materials and for better design, quality, branding and marketing of their products. Through supporting policies, they will be enabled to scale up their operations to serve the large consumer markets, as has been the case with several start-ups growing into ‘Unicorns’”

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On the PM VIshwakarma KAushal Samman (PM VIKAS) scheme she said, “For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown for India. They are generally referred to as Vishwakarma. The art and handicraft created by them represents the true spirit of Aatmanirbhar Bharat. For the first time, a package of assistance for them has been conceptualised. The new scheme will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security. This will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.”

On tourism the minister said, “The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular. Promotion of tourism will be taken up on mission mode, with active participation of states, convergence of government programmes and public-private partnerships.”

Addressing the issue of green growth the FM said, “We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. These green growth efforts help in reducing carbon intensity of the economy and provide for large scale green job opportunities.”

She also emphasized on making India a global hub for millets which is ‘Shree Anna’. Further the minister also emphasized on the issues of agri-credits, fisheries, cooperation etc.

On the health front – the FM stressed on - Nursing Colleges, Sickle Cell Anaemia Elimination Mission, Medical Research, Pharma Innovation, and Multidisciplinary courses for medical devices.

For the education sector, FM Sitharaman supported– re-envisioned teacher’s training and National Digital Library for Children and Adolescents.

Through the schemes like Aspirational Districts and Blocks Programme, Pradhan Mantri PVTG Development Mission, Eklavya Model Residential Schools, Water for Drought Prone Region, PM Awas Yojana, and Support for poor prisoners, the FM ensured that the development reaches the last mile.

To read the whole budget speech of Finance Minister Nirmala Sitharaman– click here.

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